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Technology Stocks : Nortel Networks (NT)
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To: Ian@SI who wrote (7568)10/25/2000 10:50:49 AM
From: pat mudge  Read Replies (1) of 14638
 
You're right it was training, not manpower that was the problem.

Here's this morning's comments from Chase H&Q:

<<<<
Optics revenues light than we had anticipated. Near term supply-demand equilibrium achieved

Revenues from optical products were approximately $2.3 billion, which was below our $2.8 billion estimate and down sequentially from $2.8 billion in the previous quarter. The company reaffirmed its previous guidance that optical revenues for the year would top $10 billion, which implies revenues in this segment must top $3 billion in the fourth quarter. The company referenced that sales were held back by a bottleneck in installing optical systems. We believe the bigger issue stems from the fact that lead times for optical products have come down dramatically, to levels more in line with the company’s other products. For high capacity optical systems, lead times are now down to 6-8 weeks, versus lead times greater than six months a few quarters ago. The significantly shortened lead times reflect the fact that capacity constraints and components shortages no longer exist. Increased lead times in previous quarters forced carriers to double order and build up significant inventories in their warehouses to insure that they had product on hand. Now, in an environment with fewer supply constraints, customers are drawing down from inventories they had built up when constraints did exist. Customers now believe orders can be filled in a given quarter, and are no longer double-ordering to insure they receive product. While this issue affected the quarter, we believe end user demand from well-funded customers is unchanged.
>>>>

Pat
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